Down payments of at least 20 are typically required and 25 is most common. Depending on the nature of the property your credit qualifications and other factors you may be asked to put 25 or 30 down.
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Budget at least 3 000 4 000 for the emergency fund if not more.
How much money to put down on a condo. Let s say you actually end up buying a 100 000 condo with twenty percent down. If you make a larger down payment you ll have lower monthly payments on your mortgage. You will need to put down between 5 percent and 20 percent in most cases though.
Finally remember that the equity itself doesn t work on a percentage basis. To qualify for a 15 down payment for a conventional loan for a one unit investment property you ll need at least a 700 credit score in most. While the standard deposit amount for a condo is 20 25 percent of the home s value a much smaller 3 15 percent deposit may be possible for government loans or other non conventional arrangements.
The short answer is 3 percent to 20 percent of your unit s purchase price with 10 percent being common for those buyers who must rely on conventional loans to finance their units. However there s a way that new. So when you re deciding how much of a down payment you can afford keep these additional expenses in mind.
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